Bowlero to rebrand as Lucky Strike, change trading symbol; shares rise

Lucky Strike Entertainment

02/12/2024 17:24

** Bowlero  BOWL.N  shares up 2.3% at $12.59 on Mon after co
announced rebranding to reflect expansion beyond operating
bowling alleys
** Richmond, Va., firm early Mon said effective Dec 12 it will
change its legal name to Lucky Strike Entertainment Corporation
and NYSE ticker symbol to "LUCK"
    ** "As Bowlero Corp. continues to expand into new
entertainment verticals, we recognize the need for a brand that
reflects the full scope of our offerings. This positions the
company to embrace a more diverse range of experiences and
firmly establishes our future, furthering our leadership in the
entertainment landscape,” CEO Thomas Shannon said in statement
** In May, co said it closed acquisition of water park Raging
Waves in Illinois, and  reported buying Boomers Parks, a chain
of indoor/outdoor family entertainment centers with locations in
California and Florida
    ** Its fiscal Q1 rev grew ~14% yr/yr to $260 mln and co
boosted low end of 2025 rev guidance by $10 mln to $1.23-$1.28
bln vs $1.15 bln generated last year
  
    ** Of 10 analysts covering Bowlero, 9 rate stock "strong
buy" or "buy", the other rates "hold" with $17 median PT,
according to LSEG data
  
    ** With move on the session, stock down 11% YTD. Shares this
year have traded as high as $15.47 (Feb 12) their intraday low
is $9.71 (May 6)
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))